A third of student accommodation will cost more than the average maintenance loan
Experts say it’s going to be an ‘increasingly difficult time’ for young people
A third of UK student accommodation will cost more than the average maintenance loan, according to new findings published in The Telegraph.
Students will increasingly have to rely on part-time work, the bank of mum and dad or other means to fund their university lives.
Experts say it’s going to be an “increasingly difficult time” for young people amid the accelerating cost of living crisis.
And it’s going to be even tougher for first years and other students opting to live in halls.
Over two thirds of student halls cost more than the average yearly maintenance loan (£7,144 a year or £140 a week).
Maintenance loans range from £3,500 a year to £12,600 a year, depending on factors like parental income.
Due to rising inflation, the real terms value of student loans has and will continue to plummet.
Tom Walker of StuRents (the company behind the research) said: “The cost of living and renting while at university has shot up alongside inflation, but maintenance loans have failed to go up to match. Many more students will be relying on parents or jobs to get by this year.”
An NUS spokesperson said: “Without intervention, we fear that no amount of budgeting and saving is going to stop students from falling into poverty this autumn.”
Featured image: Shutterstock / Rocio Vales (edited)